Ministers are set to discuss a windfall tax on energy companies at Tuesday morning's Cabinet meeting.
The soaring cost of energy bills is hitting households and businesses hard and the Government has moved to support both with energy credits and support schemes.
But some companies that are not affected by international gas price increases on the international markets are making a killing - because energy prices are fixed for all suppliers, regardless of how they generate their power.
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The Government wants to move to tackle this.
Energy Minister Eamon Ryan will bring a memo to his ministerial colleagues at Tuesday morning’s Cabinet meeting proposing windfall taxes on these companies.
The EU is moving together on this, with EU Commission President, Ursula Von der Leyen, already saying that Europe-wide windfall taxes could reap €140billion.
If this was implemented on a pro-rata basis, as many EU deals are, it could see Ireland get as much as €2.8billion’s worth of this pie.
In the meantime, our own government is pressing ahead with its own proposals ahead of a joint EU decision.
A senior Government source told the Irish Mirror earlier tonight: “The Government is considering measures to address a windfall gains in the energy sector in a memo going to cabinet tomorrow.
“This will include a cap on all market revenue on non-gas electricity generators and a temporary solidarity contribution for companies active in fossil fuel production.
“This is in line with Implementation of European council regulation 2032/1854.
"Further details will be outlined at a short press briefing tomorrow after Cabinet.”
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